New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Nuveen Real Estate Closes Value-Add Multifamily Fund at $410M
Nuveen Real Estate has completed the final close of CASA Partners IX, securing $410 million from two new investors, Bouwinvest and Samsung SRA Asset Management, on behalf of Samsung Life, and three U.S. institutional investors that are longstanding clients of the Nuveen platform.
CASA Partners IX, a closed-end value-add multifamily strategy, seeks to acquire and reposition well-located rental properties that have either been undercapitalized, overleveraged or mismanaged. Targeted assets will primarily consist of class B, garden-style communities that are valued below replacement cost, appeal to a wide range of household incomes and can achieve post-renovation rents at a significant discount to class A and newer product rents in the market.
“With a shortage of housing in the U.S., the current market continues to offer attractive opportunities to reposition assets and offer residents improved properties with affordable post-renovation rent,” said Michael Schwab, portfolio manager, housing, Americas at New York City-based Nuveen.
- ◦Sale/Acquisition
- ◦Financing
